Livspace acquires mobile home designer YoFloor
Bangalore-based home dÃ©cor startup Livspace has acquired YoFloor, a mobile platform that offers a virtual trial room facility for home designs. Financial details of the transaction were not disclosed. This is Livspace's third acquisition; it had bought home design marketplace DezignUp and curated online network for interior designers Dwll.in earlier this year.
"With our previous acquisitions we have built a thriving community of both designers and homeowners. Now, we will leverage the YoFloor acquisition and focus on building creative tools for our designer community and bring even more scale and choice to homeowners," Anuj Srivastava, CEO and co-founder of Livspace, which is run by Home Interior Designs E-commerce Pvt Ltd, said.
As part of the acquisition, YoFloor's founders and the company's core team will join Livspace.
As per the press statement, the YoFloor app will enable in-house designers of Livspace with 3D visualisation tools.
"Our product and technology tools coupled with Livspace's design community and operational capabilities will go a long way in revolutionising the home design space," Archit Rathi and Ankur Mishra, co-founders of YoFloor, said.
Founded in 2012 by former Google and Myntra executives Anuj Srivastava, Shagufta Anurag and Ramakant Sharma, Livspace had raised $4.6 million (Rs 29.4 crore) in Series A funding from Helion Venture Partners and Bessemer Venture Partners last December. It recently secured $8 million in a fresh round of funding from Helion, Bessemer and Jungle Ventures.
Livspace competes with other startups such as Intruo, JBR Interio, BedBathMore and Gloob. Online furniture players such as FabFurnish, Pepperfry and UrbanLadder besides horizontal e-commerce majors such as Flipkart.com, Snapdeal.com and Amazon.in also have a strong grip in this space.
According to market research firm TechNavio, the online home dÃ©cor market in the country is expected to grow at a compounded annual growth rate of 50.42 per cent between 2014 and 2019.